Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
WASHINGTON — President Donald Trump plans to nominate acting Secretary of Defense Patrick Shanahan to formally take over the top spot at the Pentagon, the president's spokeswoman said Thursday.
Shanahan, a former longtime executive at aerospace giant Boeing, needs Senate confirmation for the post most recently held by James Mattis.
"Based upon his outstanding service to the Country and his demonstrated ability, President Trump intends to nominated Patrick M. Shanahan to be the Secretary of Defense," White House press secretary Sarah Huckabee Sanders wrote in a tweet.
"Acting Secretary Shanahan has proven over the last several months that he is beyond qualified to lead the Department of Defense, and he will continue to do an excellent job," Sanders wrote.
Shanahan, 56, had no prior experience either in the military or in foreign policy before he became the deputy Defense secretary in 2017.
"I am honored by today's announcement of President Trump's intent to nominate," he said in a prepared statement. "If confirmed by the Senate, I will continue the aggressive implementation of our National Defense Strategy."
"I remain committed to modernizing the force so our remarkable Soldiers, Sailors, Airmen, and Marines have everything they need to keep our military lethal and our country safe."
In the wake of the announcement, Shanahan told reporters at the Pentagon that he learned of Trump's intent to nominate him Thursday afternoon at the White House.
"The biggest challenge is going to be balancing it all," Shanahan told reporters. "I'd say, for me, it's about practicing selectful neglect so that we can stay focused on the future but not ignore a lot of the emerging really important issues that pop day to day that you don't plan for."
Before coming to the Pentagon, Shanahan spent just over 30 years at Boeing, where he oversaw the management of profit and loss for the 737, 747, 767, 777 and 787 programs. In 2017, he left the company to become the 33rd deputy secretary of Defense, a role that oversees the Pentagon's colossal $700 billion budget.
The nomination follows the end of a monthlong ethics investigation into Shanahan, conducted by the Defense Department's inspector general. The IG's office examined whether Shanahan had taken any actions in his official capacity to benefit Boeing, and it ultimately determined that he had not.
Shanahan ascended to the acting role in the wake of Mattis' shocking resignation in December.
In his resignation letter, Mattis said that disagreements with the president about America's treatment of both allies and strategic competitors came from beliefs that "are strongly held and informed by over four decades of immersion in these issues."
Mattis, a revered Marine with a military career spanning four decades, was known for his battlefield prowess and kinship with rank-and-file service members. Before he became Trump's Defense secretary, the four-star general led the U.S. Central Command, the combatant command responsible for the wars in Iraq and Afghanistan.
In contrast, Shanahan, if confirmed by the Senate, may head the largest federal agency with limited experience in defense and foreign policy.
However, he is by no means the first Trump appointee to take his cues from the business world and apply them to foreign policy.
Trump himself lacked experience in government, and campaigned on running Washington based on the lessons he learned leading the Trump Organization and promoted as a reality show host on "The Apprentice."
Trump's first secretary of State, Rex Tillerson, entered the public sector after serving as CEO of Exxon Mobil. But despite Tillerson's efforts to streamline the State Department, Trump pushed him out and would later say he was "dumb as a rock and I couldn't get rid of him fast enough."
And yet, Shanahan's entrance into the Pentagon comes at a particularly tumultuous time.
The unpredictable Trump administration has pulled the United States back from global commitments and pushed forward on ambitious projects like the denuclearization of North Korea, a U.S. troop drawdown in the Middle East, a growing military footprint on the southwest border with Mexico and heightened tensions with Iran and Venezuela.
— CNBC's Dan Mangan contributed to this report.